Tag: oil
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A slight rise in crude oil prices… and Brent near $77 a barrel
Crude oil prices witnessed a slight increase, today, Friday, May 26, 2023, in light of the uncertainty about demand and the possibility of OPEC + heading to cut production. Conflicting messages from major OPEC+ producers regarding upcoming moves in oil policy in recent days have made it difficult to predict the outcome of the next…
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Colombia’s oil and gas sector plans to award new exploration licenses
The oil and gas sector in Colombia plans to increase the number of new licenses granted in the field of exploration, in an effort by the country’s government to enhance its reserves of the two vital commodities. The Latin country, which is currently experiencing a dire economic situation, represented by skyrocketing inflation rates and a…
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Holding the first oil and gas tenders in America after delays that lasted nearly a year
Yesterday, Thursday, May 25 (2023), the first tenders for the sale of oil and gas exploration concessions in America were held, after delays of nearly 11 months, generating nearly $80 million for federal coffers. It is the second auction of its kind to be held in New Mexico – the second largest oil-producing state in…
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Iraqi Oil Minister invites Aramco to participate in the development of the Crutch field (Update)
Iraqi Oil Minister Hayan Abdul Ghani invited Saudi companies, led by Saudi Aramco, to participate in the development of the Crutch field. On Thursday, May 25 (2023), the ministry published a statement explaining that the discussions with the Saudi Ministry of Energy included inviting Saudi companies to invest in the oil and gas sector. The…
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Novak expects oil prices to exceed $80 per barrel and talks about the OPEC+ meeting
Russian Deputy Prime Minister Alexander Novak expected oil prices to exceed $80 a barrel by the end of this year (2023). He said that the current Brent crude prices, which range between 75 and 76 dollars per barrel, reflect the market’s assessment of the global macroeconomic situation, according to the data reviewed by the specialized…
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Oil production in Guyana generates $6 billion in gains for the ExxonMobil alliance
The ExxonMobil-led consortium generated US$5.8 billion in profits in 2022 from oil production in Guyana. The disclosure of the profits of the alliance – which includes Exxon Mobil, Hess and Sinooc – came in light of the legal dispute over the breach of insurance obligations against oil spill risks. It is also the first disclosure…
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Revenues from Saudi oil exports declined by $8 billion in March
Saudi oil export revenues declined, during last March, on an annual basis, with the decline in average oil prices compared to the same period in 2022. And official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues decreased, in March, by 26.5%, compared to the same period in 2022.…
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Crude oil prices rise 2%… Brent is above $78 a barrel – (Update)
Crude oil prices rose by about 2%, at the end of trading today, Wednesday, May 24 (2023), to continue to reap gains for the third consecutive session, amid fears of a supply shortage. This comes after the decline in US oil stocks and fuel supplies, and Saudi Energy Minister Prince Abdulaziz bin Salman warned speculators…
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Crude oil prices rise 1%, and Brent is near $78 a barrel
Crude oil prices rose by more than 1%, during trading today, Wednesday, May 24 (2023), to continue to reap gains for the third consecutive session, amid fears of a supply shortage. This comes after the decline in US oil stocks and fuel supplies, and Saudi Energy Minister Prince Abdulaziz bin Salman warned speculators of the…
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Iraq is trying to revive oil pipelines with 3 Arab countries, led by Saudi Arabia
Iraq is working to revive oil pipelines with Saudi Arabia, Jordan and Syria, after stopping the flow through Turkey led to a decline in Baghdad’s exports by about 500,000 barrels per day. Baghdad is seeking to find permanent and alternative outlets for its oil exports, amid plans to increase production to 8 million barrels per…
